Comerica Bank Raises Stock Holdings in Toast, Inc. $TOST

Key Points

• Comerica Bank significantly increased its holdings in Toast, Inc. by 122.9%, owning 76,644 shares valued at approximately $2.54 million after acquiring 42,266 additional shares in the first quarter.
• Toast reported a loss of $0.10 per share for the quarter, missing analysts' estimates, despite revenue growth of 24.8% year-over-year, totaling $1.55 billion.
• Analysts are optimistic about Toast, with several raising their target prices and the company holding an average rating of "Moderate Buy" across 15 research firms.

Comerica Bank increased its position in Toast, Inc. (NYSE:TOST - Free Report) by 122.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,644 shares of the company's stock after acquiring an additional 42,266 shares during the quarter. Comerica Bank's holdings in Toast were worth $2,542,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of TOST. Wayfinding Financial LLC purchased a new stake in shares of Toast during the first quarter worth about $34,000. Piscataqua Savings Bank lifted its position in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares during the last quarter. West Branch Capital LLC grew its position in Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after acquiring an additional 284 shares during the last quarter. Finally, Signaturefd LLC raised its position in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares during the period. 82.91% of the stock is owned by institutional investors.

Insider Activity at Toast

In other Toast news, CFO Elena Gomez sold 2,006 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $97,050.28. Following the completion of the sale, the chief financial officer directly owned 141,263 shares of the company's stock, valued at approximately $6,834,303.94. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul D. Bell sold 12,500 shares of Toast stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares in the company, valued at approximately $9,615,682.96. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,554 shares of company stock valued at $4,553,686 over the last 90 days. Company insiders own 12.14% of the company's stock.

Toast Stock Up 0.5%

Shares of TOST stock opened at $45.16 on Tuesday. The firm has a market cap of $23.03 billion, a price-to-earnings ratio of 132.83 and a beta of 2.00. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The company's 50 day moving average is $44.97 and its 200 day moving average is $40.35.

Toast (NYSE:TOST - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. Analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on TOST. Needham & Company LLC boosted their target price on Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Keefe, Bruyette & Woods lifted their target price on Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Morgan Stanley lifted their price objective on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Citigroup reissued a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Finally, Truist Financial raised their target price on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Fifteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Toast has an average rating of "Moderate Buy" and an average target price of $45.54.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.

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